At a ceremony this evening in the Ohio Statehouse's Lincoln Room, Gov. John R. Kasich signed into law the FY2014-15 state budget, which builds on the pro-growth policies in the historic budget he signed two years ago with $2.7 billion in tax cuts and $1.5 billion in new funds for education.
Other highlights of the new budget include:
- A new plan to inject up to $3 billion in federal, state and local funds into Ohio's highways;
- A new college and university funding formula to increase graduation rates;
- Reforms to Medicaid to reduce fraud, increase care quality and restrain costs.
"Ohio has come a long way in two years and it hasn't happened by accident. Our work to eliminate an $8 billion shortfall, cut taxes, strengthen education, and reform Medicaid has helped fuel our economic recovery and get people back to work. We've got more work to do, however, and this budget builds on that foundation by cutting taxes $2.7 billion and dedicating significant new resources for education.
"These accomplishments wouldn't be possible without the hard work of President Faber, Speaker Batchelder, Chairman Oelslager, Chairman Amstutz and many others in the General Assembly. They've shared my resolve to push our state forward and our state is better for their leadership.
"It's a sign of the inclusive, deliberate approach that produced this budget that we avoided the gridlock that so plagues Washington and that this plan earned praise from low-income advocates, seniors groups, business leaders and some of the nation's leading economists. This budget is about opportunity, and tonight, Ohio's future looks brighter because of it."